{"id":4569,"date":"2025-07-01T06:43:09","date_gmt":"2025-07-01T06:43:09","guid":{"rendered":"https:\/\/bitunikey.com\/news\/senator-lummis-pushes-for-crypto-friendly-amendments-in-trumps-big-beautiful-bill\/"},"modified":"2025-07-01T06:43:17","modified_gmt":"2025-07-01T06:43:17","slug":"senator-lummis-pushes-for-crypto-friendly-amendments-in-trumps-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/senator-lummis-pushes-for-crypto-friendly-amendments-in-trumps-big-beautiful-bill\/","title":{"rendered":"Senator Lummis pushes for crypto-friendly amendments in Trump\u2019s Big Beautiful Bill"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">U.S. Senator Cynthia Lummis wants to add a crypto tax amendment to President Donald Trump\u2019s Big Beautiful Bill to exclude small transactions from capital gains and resolve double taxation for miners and stakers.<\/p>\n<p>On June 30, Lummis <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/SenLummis\/status\/1939730903045218395\" target=\"_blank\">announced<\/a> her push to insert language into the sweeping budget reconciliation bill that would overhaul how digital asset activity is taxed.<\/p>\n<p>\u201cIt\u2019s time to stop this unfair tax treatment and ensure America is the world\u2019s Bitcoin and Crypto Superpower,\u201d Lummis wrote on X.<\/p>\n<p>Trump\u2019s Big Beautiful Bill, a more than 1,000-page reconciliation package central to President Trump\u2019s economic agenda, includes sweeping fiscal and regulatory measures and has become a high-stakes priority for Republican lawmakers ahead of a self-imposed Friday deadline.<\/p>\n<p>The proposed amendment includes a de minimis exemption for crypto transactions under $300 and changes to how staking and mining rewards are taxed, aligning them with the point of sale rather than the time of receipt.<\/p>\n<p>In documents <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.theblock.co\/post\/360391\/sen-lummis-pushes-for-crypto-tax-fixes-in-big-beautiful-bill-gaining-support-from-crypto-advocates\" target=\"_blank\">shared<\/a> with crypto media, Lummis\u2019 office outlined key elements of the proposal, including a $300 threshold on individual transactions and a $5,000 annual cap on total tax-free activity.<\/p>\n<p>It also aims to eliminate what industry advocates describe as \u201cdouble taxation,\u201d where digital asset holders are taxed both when they receive staking or mining rewards and again when they sell those assets.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Further, the amendment includes language addressing tax treatment for crypto lending, wash sales, and charitable contributions. The goal, according to Lummis and industry backers, is to remove outdated tax barriers that have discouraged everyday use and long-term holding of digital assets.<\/p>\n<p>Crypto advocacy groups, including the Bitcoin Policy Institute and the Solana Policy Institute, along with prominent industry figures such as Michael Saylor, have publicly endorsed the amendment. (See below.)<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We must end unfair taxes on BTC miners if America is going to be the world&#39;s Bitcoin Superpower. <a href=\"https:\/\/t.co\/3DeRFx558v\">https:\/\/t.co\/3DeRFx558v<\/a><\/p>\n<p>&mdash; Michael Saylor (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1939732860371407299?ref_src=twsrc%5Etfw\">June 30, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Matthew Pines, executive director at the Bitcoin Policy Institute, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/matthew_pines\/status\/1939709951619842500\" target=\"_blank\">urged<\/a> constituents to contact Senate Finance Committee Republicans to support the measure. He noted that a de minimis exemption would \u201creduce [the] burden, promoting fair compliance and everyday adoption.\u201d<\/p>\n<p>Similarly, Kristin Smith, president of the Solana Policy Institute, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/KMSmithDC\/status\/1939724101624774980\" target=\"_blank\">said<\/a> the amendment could \u201cunlock domestic growth and create jobs\u201d by clarifying staking tax policy.<\/p>\n<p>For crypto advocates at The Digital Chamber, the proposal is a \u201clong overdue fix\u201d to what the group described as a misalignment between tax policy and economic reality.<\/p>\n<p>\u201cToday, staking and block rewards are taxed upon both acquisition and point of sale. Senator Lummis\u2019 provision solves this by taxing rewards only when sold,\u201d the group <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/DigitalChamber\/status\/1939751843824890023\" target=\"_blank\">wrote<\/a> in a call-to-action message<\/p>\n<p>Still, it remains uncertain whether the crypto-focused amendment will be adopted. The Senate is set to vote on numerous proposed changes to the reconciliation bill throughout the week.<\/p>\n<p>Trump has reportedly pressed lawmakers to pass the final version by July 5. Even if adopted in the Senate, the bill would still require approval in the House before reaching the president\u2019s desk.<\/p>\n<p>Last year, lawmakers Wiley Nickel and Drew Ferguson introduced a similar measure targeting the taxation framework for cryptocurrency staking rewards, but it failed to advance through the House Ways and Means Committee.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Senator Cynthia Lummis wants to add a crypto tax amendment to President Donald Trump\u2019s Big Beautiful Bill to exclude small transactions from capital gains and resolve double taxation for&hellip;<\/p>\n","protected":false},"author":1,"featured_media":4570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/4569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=4569"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/4569\/revisions"}],"predecessor-version":[{"id":4571,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/4569\/revisions\/4571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/4570"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=4569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=4569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=4569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}